Aviance Capital Partners LLC Makes New $290,000 Investment in Arista Networks, Inc. (NYSE:ANET)

Aviance Capital Partners LLC purchased a new stake in shares of Arista Networks, Inc. (NYSE:ANET) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,000 shares of the technology company’s stock, valued at approximately $290,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Financial Synergies Wealth Advisors Inc. raised its stake in shares of Arista Networks by 872.7% in the 1st quarter. Financial Synergies Wealth Advisors Inc. now owns 107 shares of the technology company’s stock worth $31,000 after buying an additional 96 shares in the last quarter. Atticus Wealth Management LLC raised its position in Arista Networks by 3,625.0% in the fourth quarter. Atticus Wealth Management LLC now owns 149 shares of the technology company’s stock worth $35,000 after acquiring an additional 145 shares in the last quarter. Rakuten Securities Inc. acquired a new stake in Arista Networks in the 4th quarter valued at about $35,000. Sandy Spring Bank boosted its position in shares of Arista Networks by 33.6% during the 4th quarter. Sandy Spring Bank now owns 155 shares of the technology company’s stock valued at $37,000 after purchasing an additional 39 shares in the last quarter. Finally, Alaska Permanent Fund Corp acquired a new position in shares of Arista Networks in the 1st quarter worth approximately $37,000. 82.47% of the stock is currently owned by institutional investors.

Arista Networks Stock Performance

Shares of Arista Networks stock traded up $0.84 during midday trading on Monday, reaching $351.32. 387,923 shares of the company’s stock traded hands, compared to its average volume of 2,506,014. Arista Networks, Inc. has a 52 week low of $149.10 and a 52 week high of $356.18. The company’s 50 day simple moving average is $303.42 and its 200 day simple moving average is $279.70. The company has a market cap of $110.09 billion, a price-to-earnings ratio of 48.81, a price-to-earnings-growth ratio of 3.09 and a beta of 1.11.

Arista Networks (NYSE:ANET) last posted its earnings results on Tuesday, May 7th. The technology company reported $1.80 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.24. The company had revenue of $1.57 billion for the quarter, compared to analyst estimates of $1.55 billion. Arista Networks had a return on equity of 31.12% and a net margin of 37.64%. As a group, equities research analysts predict that Arista Networks, Inc. will post 7.05 earnings per share for the current year.

Arista Networks declared that its Board of Directors has approved a stock repurchase program on Tuesday, May 7th that permits the company to repurchase $1.20 billion in shares. This repurchase authorization permits the technology company to purchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other Arista Networks news, CEO Jayshree Ullal sold 24,000 shares of the business’s stock in a transaction on Wednesday, April 3rd. The shares were sold at an average price of $291.12, for a total transaction of $6,986,880.00. Following the completion of the transaction, the chief executive officer now owns 1,633,800 shares of the company’s stock, valued at approximately $475,631,856. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Arista Networks news, Director Daniel Scheinman sold 1,000 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $328.17, for a total value of $328,170.00. Following the sale, the director now directly owns 37,732 shares in the company, valued at approximately $12,382,510.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Jayshree Ullal sold 24,000 shares of the company’s stock in a transaction dated Wednesday, April 3rd. The shares were sold at an average price of $291.12, for a total transaction of $6,986,880.00. Following the transaction, the chief executive officer now directly owns 1,633,800 shares of the company’s stock, valued at approximately $475,631,856. The disclosure for this sale can be found here. Insiders sold 185,330 shares of company stock valued at $56,907,187 over the last 90 days. 3.54% of the stock is currently owned by company insiders.

Analyst Ratings Changes

ANET has been the subject of a number of research reports. Barclays raised their target price on shares of Arista Networks from $311.00 to $320.00 and gave the stock an “overweight” rating in a report on Thursday, May 9th. Citigroup boosted their target price on Arista Networks from $330.00 to $385.00 and gave the stock a “buy” rating in a research report on Thursday. Wells Fargo & Company increased their price target on Arista Networks from $310.00 to $340.00 and gave the company an “overweight” rating in a research report on Wednesday, May 8th. Bank of America boosted their price objective on Arista Networks from $320.00 to $380.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Arista Networks from $297.00 to $315.00 and gave the company an “overweight” rating in a research note on Thursday, April 11th. One analyst has rated the stock with a sell rating, four have given a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $311.50.

Arista Networks Profile

Arista Networks, Inc engages in the development, marketing, and sale of data-driven, client to cloud networking solutions for data center, campus, and routing environments in the Americas, Europe, the Middle East, Africa, and the Asia-Pacific. Its cloud networking solutions consist of Extensible Operating System (EOS), a publish-subscribe state-sharing networking operating system offered in combination with a set of network applications.